WK Kellogg (NYSE:KLG) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

WK Kellogg (NYSE:KLG) released its quarterly earnings results on Thursday. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.05, Briefing.com reports. The company had revenue of $689.00 million for the quarter, compared to analysts’ expectations of $674.10 million. WK Kellogg had a net margin of 4.45% and a return on equity of 42.12%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period last year, the company earned $0.49 EPS. WK Kellogg updated its FY 2024 guidance to EPS.

WK Kellogg Stock Performance

WK Kellogg stock traded down $1.60 during midday trading on Friday, reaching $18.05. 1,507,712 shares of the stock traded hands, compared to its average volume of 651,674. The firm has a fifty day moving average price of $17.52 and a two-hundred day moving average price of $18.19. WK Kellogg has a fifty-two week low of $10.11 and a fifty-two week high of $24.63. The firm has a market cap of $1.55 billion and a price-to-earnings ratio of 12.89. The company has a current ratio of 0.83, a quick ratio of 0.36 and a debt-to-equity ratio of 1.42.

WK Kellogg Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, November 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.55%. WK Kellogg’s dividend payout ratio is currently 45.71%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on KLG shares. Barclays cut their price target on shares of WK Kellogg from $19.00 to $16.00 and set an “underweight” rating on the stock in a research note on Friday, July 19th. Stifel Nicolaus dropped their price target on shares of WK Kellogg from $22.00 to $18.00 and set a “hold” rating on the stock in a research note on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. dropped their price target on shares of WK Kellogg from $22.00 to $17.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $18.50.

About WK Kellogg

WK Kellogg Co operates as a food company in the United States, Canada, and the Caribbean. It manufactures, markets, and distributes ready-to-eat cereal products primarily under the Frosted Flakes, Special K, Froot Loops, Raisin Bran, Frosted Mini-Wheats, and Kashi brands. The company was formerly known as North America Cereal Co and changed its name to WK Kellogg Co in March 2023.